Jump to content
House Price Crash Forum

Recommended Posts

Hi. My wife failed credit check when applying for a mortgage. Basically she always had PayGo sim card, and she is on my credit card as additional holder. My credit check is fine. What can we do do improved hers , or should I say create one and how long would it take before she is accepted? :rolleyes:

Share this post


Link to post
Share on other sites

I think that may be more of a question for this mob: http://forums.moneysavingexpert.com/

We seem to have slipped into an American mode. Time was, in the UK, if you had nothing in your record against you then you had a good rating. The American model has always been the other way around: if we haven't heard of you then you're a bad risk. It's sad day indeed if the assumption has changed in the UK.

Clearly your wife should apply for credit cards and use them, and pay off the full amount on demand of course.

Share this post


Link to post
Share on other sites

The more debt you have, the better your credit rating. So just keep getting store cards, credit cards, whatever you can. Accumulation of debt is the name of the game. Then you'll get a "good" debt slave credit rating. What a palava. <_<

Share this post


Link to post
Share on other sites

Not quite true.

Having some access to credit, using it, and paying it off every month is the best way to get a good credit rating.

Also, get your credit reports and make sure all details are correct, especially that you are on the electoral role at your current address.

Share this post


Link to post
Share on other sites

OK. So if she gets credit card and mobile phone contract, how long would it take for this stupid system to accept her? Any ideas? Experience?

We've also registered us for electroral roll at current address.

Share this post


Link to post
Share on other sites

OK. So if she gets credit card and mobile phone contract, how long would it take for this stupid system to accept her? Any ideas? Experience?

We've also registered us for electroral roll at current address.

Also worth checking that your postal address (the one the banks have on their databases as associated with your postcode) is exactly the same as the address on the electoral role. If there is the slightest discrepancy (eg "5, 21 Somewhere Street" vs "Flat 5, 21 Somewhere Street") then tell the agencies and ask them to link the addresses to each other.

It's a crazy system. I had to go through several departments at my bank to get them to register my credit card with the credit agencies (it was taken out pre- their appearance) so that I had some credit showing on my file and therefore deemed credit-worthy for a mortgage.

In our brave new world of debt it seems the only way to get debt is to already have debt, and it's your responsibility as a citizen to keep three "gatekeeper" agencies up to date on your financial affairs.

Share this post


Link to post
Share on other sites

I suspect she's been doing things behind your back. She's not been telling you the full story. She could have tons of debt your not aware of and a bad payment record. :D You need to go the Experian and get a copy of her credit file to check it out. They also advise on how to improve your score. You may actually find errors on it that you can get fixed to improve your score.

http://www.experian.co.uk/

by law they have to supply a full copy of your credit details for £2. Don't subscribe to any other crap. It's a scam.

EDIT:

http://www.experian.co.uk/consumer/statutory-report.html

i see the marriage guidance councelling course has paid dividends :lol::lol:, have you considered working for the samaritans on your weekends off?

Edited by georgia o'keeffe

Share this post


Link to post
Share on other sites

I suspect she's been doing things behind your back. She's not been telling you the full story. She could have tons of debt you're not aware of and a bad payment record. :D You need to go the Experian and get a copy of her credit file to check it out. They also advise on how to improve your score. You may actually find errors on it that you can get fixed to improve your score.

http://www.experian.co.uk/

by law they have to supply a full copy of your credit details for £2. Don't subscribe to any other crap. It's a scam.

EDIT:

http://www.experian....ory-report.html

Experian! Yes. Thank you. And no, my wife has no hidden past :lol:

Share this post


Link to post
Share on other sites

We seem to have slipped into an American mode. Time was, in the UK, if you had nothing in your record against you then you had a good rating. The American model has always been the other way around: if we haven't heard of you then you're a bad risk. It's sad day indeed if the assumption has changed in the UK.

Really? I thought the British model used to be you had to save with a building society for 10 years before you'd get a mortgage!

Think about it though - who would you rather lend money to: the guy who often borrows a tenner and always repays it, or the new kid in the office you've never met? If I ran a bank, I'd certainly do things the "American way".

Share this post


Link to post
Share on other sites

I suspect she's been doing things behind your back. She's not been telling you the full story. She could have tons of debt you're not aware of and a bad payment record. :D You need to go the Experian and get a copy of her credit file to check it out. They also advise on how to improve your score. You may actually find errors on it that you can get fixed to improve your score.

http://www.experian.co.uk/

by law they have to supply a full copy of your credit details for £2. Don't subscribe to any other crap. It's a scam.

EDIT:

http://www.experian....ory-report.html

Don't worry about the scores - completely worthless. Just check that your credit file is up to date and accurate.

Share this post


Link to post
Share on other sites

Divorce her asap and get yourself over to moneysavingsexpert for a replacement who knows how to spend money she hasn't got.

{{{{{{{{{{{{{HUGZ}}}}}}}}}}}}}

Share this post


Link to post
Share on other sites

Not quite true.

Having some access to credit, using it, and paying it off every month is the best way to get a good credit rating.

Also, get your credit reports and make sure all details are correct, especially that you are on the electoral role at your current address.

Yep that's the way to go, get a credit card use it for the shopping and always clear the debt. Why doesn't she switch to a contract phone or a sim where you pay £10 a month but can cancel at any time?

To get credit you have to use it.

Share this post


Link to post
Share on other sites

Just checked my score - 999 the maximum possible lol, unlimited free money here I come :D

------------

Factors that are having a positive effect on your score

You make all your repayments on time and in full - no accounts have been paid late in the past six months

You are on the electoral roll (registered to vote) at your current address

The outstanding balance on your credit accounts (excluding your mortgage) is low (mine is actually zero)

You don't have any county court judgments and you have not been declared bankrupt in the last six years

-------------

Edited by goldbug9999

Share this post


Link to post
Share on other sites

Not necessarily relevant at all but... when I moved to America for a while I got a bank account, credit card and mobile phone. Within six months I was getting begging letters for credit.

Things have changed since then but I expect the UK to be the same. No need to go crazy spending on cards though to prove your 'value'.

Share this post


Link to post
Share on other sites

Just checked my score - 999 the maximum possible lol, unlimited free money here I come :D

------------

Factors that are having a positive effect on your score

You make all your repayments on time and in full - no accounts have been paid late in the past six months

You are on the electoral roll (registered to vote) at your current address

The outstanding balance on your credit accounts (excluding your mortgage) is low (mine is actually zero)

You don't have any county court judgments and you have not been declared bankrupt in the last six years

-------------

Make sure you phone up experian and cancel your subscription straight away or you will be charged £7.99 a month just for the privilege of being able to look at your 999 credit score when you feel like it.

Edited by Pent Up

Share this post


Link to post
Share on other sites

Time was, in the UK, if you had nothing in your record against you then you had a good rating. The American model has always been the other way around: if we haven't heard of you then you're a bad risk. It's sad day indeed if the assumption has changed in the UK.

No, it has never been like that in the UK unfortunately, not since the advent of credit ratings agencies. If you're talking about your bank manager thinking you're a 'good sort' and agreeing to lend you money, then you're going back at least 30 years.

OK. So if she gets credit card and mobile phone contract, how long would it take for this stupid system to accept her? Any ideas? Experience?

We've also registered us for electroral roll at current address.

Also worth checking that your postal address (the one the banks have on their databases as associated with your postcode) is exactly the same as the address on the electoral role. If there is the slightest discrepancy (eg "5, 21 Somewhere Street" vs "Flat 5, 21 Somewhere Street") then tell the agencies and ask them to link the addresses to each other.

It's a crazy system. I had to go through several departments at my bank to get them to register my credit card with the credit agencies (it was taken out pre- their appearance) so that I had some credit showing on my file and therefore deemed credit-worthy for a mortgage.

In our brave new world of debt it seems the only way to get debt is to already have debt, and it's your responsibility as a citizen to keep three "gatekeeper" agencies up to date on your financial affairs.

Take no crap from the credit ratings agencies - they are dolts when it comes to maintaining personal data and yet they will sell it to your bank as gospel truth about you. If you see any discrepancies after you've got your report, or if you ask to see the information the bank has found in order to come to their credit decision and it is inaccurate, write back to the rating agency with the offer of a monetary settlement for their breach of the Data Protection Act 1998, principle 4:

DPA Principle 4: Personal information must be accurate and up to date where necessary.

If they refuse (sometimes call centre droids don't really understand when their client is in hot water), apply to the information Commissioner to investigate. It will take time, but you can claim back the time you've spent on redress as part of the final settlement.

I know all this because I've done it - I got £5,000 because on of the agencies lied and said they'd updated their DB of electoral register changes. But they hadn't. The Information Commissioner nearly threatened to remove them from the UK registry of personal data processors for that little lie - which would have prevented them from processing personal data in the UK. laugh.gif Ouch!

Share this post


Link to post
Share on other sites

Also worth checking that your postal address (the one the banks have on their databases as associated with your postcode) is exactly the same as the address on the electoral role. If there is the slightest discrepancy (eg "5, 21 Somewhere Street" vs "Flat 5, 21 Somewhere Street") then tell the agencies and ask them to link the addresses to each other.

That applies to your name, too. I use an abbreviated form of my forename in everyday life, though my passport and one or two other official documents have the full version as it appears on my birth certificate. For as long as I can remember I've been booking plane tickets using the abbreviated form, and my frequent flyer membership also has that name. The last time I arrived in the US, the goon on the immigration desk noted the mismatch between the name on my passport and on my air ticket, and had me taken into a side room to be interrogated by more goons. They went through the entire contents of my wallet and gave me an hour-long interrogation, before sending me on my way with a warning that if the name on my air ticket didn't exactly match the name on my passport the next time I showed up, I would not be allowed in to the country.

I suspect that there are quite a lot of people who have credit cards, utility supply accounts etc. using an abbreviated form of their name (e.g. Joe instead of Joseph), and wonder if that can cause issues with the rating agencies, even though in theory your NI number should identify you uniquely. Thankfully I have pretty much everything except my passport and driving licence in the abbreviated form, and the last time I got an Experian printout everything I expected to see there was there.

Share this post


Link to post
Share on other sites

Have you all listened to yourselves?

******ing slaves!

Agreed. But if you need credit what choice do you have?

Essentially a whole system has crept in where our financial lives are tracked and recorded and it is our responsibility to check that the data held on us is accurate - I don't remember voting for that, or it ever being debated in Parliament. But here it is.

Share this post


Link to post
Share on other sites

That applies to your name, too. I use an abbreviated form of my forename in everyday life, though my passport and one or two other official documents have the full version as it appears on my birth certificate. For as long as I can remember I've been booking plane tickets using the abbreviated form, and my frequent flyer membership also has that name. The last time I arrived in the US, the goon on the immigration desk noted the mismatch between the name on my passport and on my air ticket, and had me taken into a side room to be interrogated by more goons. They went through the entire contents of my wallet and gave me an hour-long interrogation, before sending me on my way with a warning that if the name on my air ticket didn't exactly match the name on my passport the next time I showed up, I would not be allowed in to the country.

I suspect that there are quite a lot of people who have credit cards, utility supply accounts etc. using an abbreviated form of their name (e.g. Joe instead of Joseph), and wonder if that can cause issues with the rating agencies, even though in theory your NI number should identify you uniquely. Thankfully I have pretty much everything except my passport and driving licence in the abbreviated form, and the last time I got an Experian printout everything I expected to see there was there.

I went to get plates for a car in the US, years ago. Filled in all the forms, joined a long queue, and when I finally arrived at the clerks counter, she took one look at the passport, one look at my application form and told me I had filled it in correctly. I had signed my name incorrectly, according to her, as I had signed my usual "Another Person" and not "Another Bloody Person". I tried to point out that all my signatures were the same and consistent, but she wouldn't have it. Had to get a new form and go to the back of the queue.

So I registered the car with what I could claim was NOT my signature, as I never signed documents using the middle name.

I'm quite sure the credit raters are as doltishly stupid.

Oh, didn't Tony Blur get away with naughtiness by using his two middle names in court once? Charles Lyndon, I believe.

Share this post


Link to post
Share on other sites

The same thing happened to us. The frustrating thing is that they won't tell you WHY it's failed.

We both had clean-as-a-whistle credit records and credit-ratings of 850+ from experian, but were turned down by both ING and Nationwide. Frustratingly these searches then shows on your credit record.

We finally got approval from Halifax - also the good thing about Halifax is their online application uses an "soft" search feature, so it won't show on your credit record until you then acutally print and send off the forms to apply (according to our mortgage broker).

We deduced that the only reason we were turned down from the other lenders was probably that one or both of us didn't have enough credit history (which is ludicrous, of course). We never needed credit because we were sensible to pay cash for most things. The system is FUBARed when the lenders rely on these credit rating agencies with instead and some arbitary score/lending criteria.

Share this post


Link to post
Share on other sites

The same thing happened to us. The frustrating thing is that they won't tell you WHY it's failed.

We both had clean-as-a-whistle credit records and credit-ratings of 850+ from experian, but were turned down by both ING and Nationwide. Frustratingly these searches then shows on your credit record.

We finally got approval from Halifax - also the good thing about Halifax is their online application uses an "soft" search feature, so it won't show on your credit record until you then acutally print and send off the forms to apply (according to our mortgage broker).

We deduced that the only reason we were turned down from the other lenders was probably that one or both of us didn't have enough credit history (which is ludicrous, of course). We never needed credit because we were sensible to pay cash for most things. The system is FUBARed when the lenders rely on these credit rating agencies with instead and some arbitary score/lending criteria.

Why was your score not 999? I assume everyone has a 999 score until you miss a payment or default? Not sure though.

Share this post


Link to post
Share on other sites

Could it be the case they take into account frequent changes of address to infer some sort of fly-by-night? I couldn't be arsed changing my bank details etc every time i moved house as a student / young grad and just used PO Box Mam'n'Dad. Despite never having had a credit card / gas bill / mobile phone I didn't have a problem getting a mortgage first time I asked. I did have a 1 grand student loan.

Share this post


Link to post
Share on other sites

Really? I thought the British model used to be you had to save with a building society for 10 years before you'd get a mortgage!

Think about it though - who would you rather lend money to: the guy who often borrows a tenner and always repays it, or the new kid in the office you've never met? If I ran a bank, I'd certainly do things the "American way".

What about someone who has a credit card, all paid off, but rarely uses it?

Not an unknown at all, but a low credit score.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.